The scheme will launch with 20 candidates spread between Manchester and London in December and Positive Solutions is planning to open the scheme to a larger number of applicants in the first half of next year.
Positive Solutions hopes that over time the scheme could be expanded to take on up to 500 apprentices and is expecting the initial phase of the scheme to be over-subscribed.
The scheme aims to train candidates to the Chartered Insurance Institute’s Certificate in Financial Planning in 12 – 24 months, through a mixture of work-based, classroom and one-to-one training.
The apprentices will also work towards a BTEC award in providing financial advice.
Classroom and one-to-one training and assessments will be provided by Skill Solutions.
Partners taking on the apprentices will pay the cost of their salary and in some cases the cost of the examinations, although Skill Solutions will receive Government funding for certain candidates that would cover the qualification costs of around £1000.
Positive Solutions marketing director Keith Gilmore says: “The scheme has been created to support the needs of partners by developing a flow of new and ambitious IFAs to help them manage and grow their businesses over the longer-term.”
Gilmore says the scheme can also help IFAs who are starting to plan an exit from the industry and want to leave their business in good shape to sell on.